ISLAMABAD: Pakistan Railways has finalised a plan for revival of Karachi Circular Railway with the financial and technical assistance of Japan International Cooperation Agency (JICA), Japan.
An official of Pakistan Railways (PR) talking to APP here on Tuesday said, "Executive Committee of National Economic Council (ECNEC) has approved the proposal for revival of Karachi Circular Railway at the cost of US$ 2609 million.
He said JICA will arrange 93.5% of cost through soft loan payable in 40 years including 10 years grace period.
To a question he said no proposal is under consideration for the provision of the Circular Railways in other cities at this stage.
He said around 100 locomotives were overhauled in Central Diesel Locomotive (CDL) Rawalpindi Workshop within one year period.
He said all out efforts are being made to improve performance and efficiency of PR and make it a profit-earning organization.
Most of the railway fleet including passenger coaches, freight wagons and locomotives are outdated and PR needed funding for restructuring.
PR is taking various steps to control deficit while efforts are also underway to recover outstanding amounts from other departments and companies.
To overcome the present crisis situation, RR administration under the strategy started to repair existing locomotives and procurement of new locomotives through revenue/PSDP budget, bank loans as well as private sector participation.
Railway is making efforts to get sufficient funds from the government for rehabilitation of required locomotives, rolling stock and purchase of spare parts.
PR is also inviting private sector to participate in different activities of it including rehabilitation of aging locomotives, development of Dry Ports and commercial Management of Passenger trains.
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